Coverage for direct or indirect property loss that can be analyzed under the following headings:
Peril a particular peril may be included or excluded. For example, the Standard Fire Policy names specific perils such as fire and lightning; the ALL RISKS policy covers all entities unless specifically excluded.
Property a policy may cover only specified or scheduled property such as an automobile; all of an insured's personal property up to a specified amount on each item regardless of its location (PERSONAL PROPERTY FLOATER); or all property of the insured with no specific limit (BLANKET POLICY).
Person the person covered must be specifically identified as the named insured in a policy. Residents of that household also covered are the spouse, relatives of either, and anyone else below the age of 21 under the insured's care, custody, and control.
Duration policies are usually written for one year; a personal automobile policy is usually for six months.
Limits limits are stated as a face amount in a policy. The insurer will never pay more than the lesser of the following amounts: limits stated in a policy; actual cash value of destroyed or damaged property; or amount resulting from the coinsurance formula.
Location a policy may cover perils that strike only the premises of the insured, or it may provide off-premises coverage subject to a geographic restriction. For example, the personal automobile policy covers only the U.S. and Canada.
HAZARD the exclusions and suspension section states that if the insured increases a covered hazard the company can suspend or exclude the coverage. For example, the insured starts processing explosives at home.
LOSS insurance contracts cover either direct or indirect (CONSEQUENTIAL) loss. For example, a homeowners policy covers damage due to the direct loss by fire, lightning, and other perils. It does not cover consequential losses such as loss of income by an insured who is unable to go to work because of fatigue.
Investment-oriented whole life insurance policy that provides a return linked to an underlying portfolio of securities. The portfolio typically is a group of mutual funds established by the ...
Performance of management functions associated with administering an employee benefit insurance plan, to include actuarial services, booklet and contract plan designing, billing, ...
Section of a policy that specifies the dollar amount or percentage of any loss that the insurance does not pay. Most property and medical policies specify that the first portion of any loss ...
Liability or loss resulting from an accident. Such liability or losses are covered under such policies as the following: business automobile policy (BAP), business property and liability ...
Coverage for dispensers of alcoholic beverages against suits arising out of bodily injury and/or property damage caused by its customers to a third party. Establishments covered include ...
Type of individual retirement account (IRA) allowed by the employees retirement income security act of 1974 (erisa) in which contributions are paid into a custodial account sponsored by a ...
A life insurance policy can help enable your family to remain financially if you or your spouse should die. Insurance company understands that life is constantly changing, so we have ...
First of all, you need to understand the different types of life insurance and what each type of life insurance covers. Life insurance is very important and purchasing one is in both yours ...
You might think, \"Why do I need insurance, I\'m renting?\" Well, even though your landlord probably has an insurance policy on your building, you\'ll need to protect your personal ...
When you’re going through the home buying process, especially if it’s your first time, it may be easy to get lost through the paperwork, legal terms, and additional things you ...
First, stay calm. Freaking out won’t help anyone. Whenever there’s an accident everyone gets hyper and tense; being calm will be a blessing to everyone. Plus; it’s your ...
A principle of insurance which provides that when a loss occurs, the insured should be restored to the approximate financial condition occupied before the loss occurred, no better no worse. ...
You need separate coverage for the variety of risks you face when storing, launching, hauling or running your seaworthy vessel. Boats, and other watercrafts can be large investments, and ...
There comes a time when every zealous homeowner asks himself – usually at a very inconvenient hour, like 3 am: Do I need Flood Insurance?
The answer is: probably.
Here’s why: ...
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